Hi pete11,
1) From memory the falling IO price meant the Mayoko project in Congo did not go ahead.
2) Badondo was always reliant on an SDL, or other regional project coming to fruition to make it viable. This did not happen and the deposit remained stranded.
3) Recently, the investment in another IM company has not turned out to be a good one.
Factors 1 & 2 are not really within management's control, and were known risks for all investors to be aware of prior to buying shares. Smaller IO hopefuls need high IO prices, or to be able to piggy back on larger projects. Management can't click their fingers and make money for CAPEX magically appear, especially in Africa. Investors need to understand the risk of putting their capital in African IO hopefuls.
Factor 3 is a management decision though, so they need to take that one on the chin.
Cheers!
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